SAO PAULO - Brazilian fuel distribution firm BR Distribuidora said on Thursday it had signed an agreement with Dubai's Bitumina Industries, establishing a 90-day period to negotiate the sale of its subsidiary Stratura Asfaltos.
A former subsidiary of state-run oil company Petroleo Brasilerio, BR Distribuidora said it intends to sell 100% of its shares in Stratura, a privately held company that operates, manufactures and distributes road paving products, while also providing engineering services.
"This decision is in line with our portfolio management initiative, which seeks to ensure the company's focus and maximize the creation of shareholder value," the company said in a filing.
(Reporting by Gabriel Stargardter in Sao Paulo Editing by Matthew Lewis) ((Gabriel.Stargardter@thomsonreuters.com; +55 21998116099; Reuters Messaging: gabriel.stargardter.thomsonreuters.com@reuters.net))
